Bubbles get pumped up by large population generations, then tend to burst when a following generation is just hitting their stride. Happens pretty often from what I can tell.
This recession has slammed everyone though. Boomers have lost a lot their retirement right before many of them planned to retire, so little chance to make it up. We GenXers at least have a number of years to play catch-up. The 20-somethings (are they Millenials, or what are they called?) got hosed by coming out of school right when jobs dried up.
I think they are going to be the ‘Lost’ generation more than us. They have a good 5-6 years of a stagnant economy, many without jobs, and they will be fighting with those coming after them for entry-level stuff.
Not working right after college can cost six figures easily during a lifetime career. You get on the ladder later, and it’s very difficult to make up for that - it can be done, but tricky. I see this in my field.
The coming economic collapse will make the Great Depression look like a picnic. There will be no catch-up. You need to think in terms of your physical survival.